Have you noticed a lot more solar panels on homes recently? While an increase in solar panel installations can partly be explained by pointing out that people are more aware of energy conservation issues and want to save money, there’s a much simpler reason why there are more panels on roofs all of a sudden: they’re now super cheap, and aspiring solar panel owners don’t have to pay for the panels or their installation up front anymore.
One factor is that there’s a global glut of solar panels. The price has fallen significantly in recent years. During the last decade, industry and government in China realized that solar power would be important in the future, which it is. They responded to this prediction by building a huge number of solar panel factories and cranking them out. Factories began cranking out panels in 2009, leading to a massive oversupply. That cut prices worldwide, making it a lot cheaper to cover your roof with solar panels.
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